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A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark. In many historical societies including ancient Christian, Jewish, and Islamic societies, usury meant the charging of interest of any kind, and was considered wrong, or was made illegal. [ 3 ]
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Attorney General Letitia James is seeking $1.4 billion in damages. New York sues loan shark group accused of charging Manhattan’s City Bakery and other small businesses ‘illegal’ rates of up ...
Enforced by soldiers and associates of the family, the tax was paid by criminals working independently from the mafia, including drug dealers, bookmakers, loan sharks, pimps, and number runners operating in territory that Scarfo deemed his own were forced to pay his street tax weekly. Those who refused to pay the tax were often murdered.
Morris, a Virginia lawyer, found it troubling that a securely employed workman, seeking a small loan, was denied access to credit from local banks and was forced to borrow from loan sharks. Morris thought that a country that denied bank loans to a large part of its population had a “weak spot” in its banking system.
“There isn’t, which is why it’s so important to avoid debt whenever possible: It’s very difficult to make up the financial impact of those interest rates. “Too much debt or missed debt ...